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16 Personnel Expenses

Personnel Expenses

in € million

2020

2021

Wages and salaries

488.0

558.3

Social security, pensions and other employee benefits

106.9

124.0

594.9

682.3

The personnel expenses include expenses for severance payments in the amount of € 17.8 million (2020: € 3.6 million), allocations to the provisions for pre-retirement part-time work arrangements in the amount of € 0.0 million (2020: € 0.4 million) and expenses for the long-term incentive plan (LTIP) at € 6.2 million (2020: € 17.5 million) (see chapter [E39] Provisions).

In the fiscal year under review, employers’ contributions to statutory pension insurance amounted to € 49.2 million (2020: € 41.4 million).

As of December 31, 2021, Vonovia had 15,871 employees (Dec. 31, 2020: 10,622) with the annual average coming to 13,351 employees (2020: 10,572). Vonovia also employed 857 apprentices as of December 31, 2021 (Dec. 31, 2020: 510).